USD/CNY is nearing the 6.8475 mark. A break above right here would open up the 6.9957/7.0000 area, economists at Credit score Suisse report.
Fall again beneath 6.6870 to lift a query mark over additional energy
“We nonetheless anticipate a transfer to our core goal on the 61.8% retracement of the 2019/2022 downtrend and the ‘neckline’ to the 2020 prime at 6.8475/94. Whereas this might show a robust barrier to cross given the already steep advance, medium-term momentum stays sturdy and thus we imagine a sustained break above this degree is probably going, which might set off a transfer to the 78.6% retracement at 6.9957/7.0000 sooner or later.”
“A fall again beneath the final week’s low at 6.6870 would increase a query mark over additional energy and would see scope for a lengthier pause to emerge.”
